Cryptocurrency

Solana

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/why-solanas-price-is-declining/" data-wpel-link="internal">Why Solana’s Price Is Declining</a> 
<a href="https://coin-turk.com/mati-greenspan-secin-son-hamlesi-tum-kriptolari-etkileyebilir" data-wpel-link="internal">Cryptocurrency</a> market’s recent downturn continues to startle investors. <a href="https://en.coin-turk.com/solana-ecosystem-boasts-over-2500-monthly-active-developers/" data-wpel-link="internal">Solana</a>‘s price is witnessing a potential decline that could significantly impact its value. <a href="https://coin-turk.com/bankex-nedir-nasil-calisir" data-wpel-link="internal">Altcoins</a> have been receiving less support from investors lately, which could exacerbate the current bearish trend. So what’s expected for Solana? We examine this with on-chain data and chart analysis. 
<h2 class="p1" style="text-align: justify" id="why-is-solana-falling">Why Is Solana Falling?</h2> 
Solana’s price seemed to be managing well, marking two new highs in the past month. However, when compared to its previous levels, the value of the <a href="https://en.coin-turk.com/solana-climbs-the-ranks-in-the-crypto-market/" data-wpel-link="internal">SOL</a> price is considered low. During this period, the loss of value in <a href="https://en.coin-turk.com/pepe-coin-captures-attention-with-meteoric-rise/" data-wpel-link="internal">memecoin</a> projects and the decrease in airdrop events are causing a decline in user interest. 
Despite a daily revenue exceeding $1.20 million, Solana has not been able to record a revival in its overall value based on the P/S Ratio. As a result, Solana’s price may witness further decline despite the current downturn as it appears to be moving against the market trend. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339271 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/token-terminal.webp" alt="" width="1377" height="727"> 
SOL investors are facing increasing selling pressure, further proving a lack of optimism. This is also evident from the decline in overall sentiment. Data dropping below the zero line indicates a prevailing downward trend among investors. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339270 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/sis-veri.webp" alt="" width="1536" height="520"> 
<h2 class="p1" style="text-align: justify" id="solana-chart-analysis">Solana Chart Analysis</h2> 
At the time of writing, Solana’s price is trading at $176, close to dropping below the $172 support level, which could confirm a double-top formation for the altcoin project. A double-top formation is a bearish technical analysis pattern. 
It exhibits two consecutive peaks at similar price levels separated by a trough. It indicates a potential trend reversal and suggests that the price of an asset could decline after failing to break the resistance of the previous peak, often leading to a downward movement. 
Currently, the target for SOL according to the formation could be set at $142, representing a 17.27% drop from current levels. However, if the $172 support level holds, Solana’s price could rise towards the $190 level, invalidating the bearish formation. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-339269 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/sol-yorum.webp" alt="" width="1805" height="771"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/why-solanas-price-is-declining/" data-wpel-link="internal">Why Solana’s Price Is Declining</a></h5>

Why Solana’s Price Is Declining

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